Which savings account will earn you the most money? Options: one that compounds interest daily, one that compounds interest monthly, one that earns simple interest daily, one that earns simple interest monthly

one that compounds interest daily

What should you do before you withdraw money from the ATM?

Inspect the ATM to make sure it wasn't tampered with.

What should you do before you use an ATM?

Inspect the ATM and its surroundings to make sure it is safe to use.

Which of the following statements about savings accounts is FALSE? Savings accounts pay interest on the money you deposit. Savings accounts allow an unlimited number of withdrawals each month. Savings accounts may require you to maintain a minimum balance to avoid paying a fee. Savings accounts are best used to store money for longer-term goals.

Savings accounts allow an unlimited number of withdrawals each month.

Which of the following statements about savings accounts is FALSE? Savings accounts pay interest on the money you deposit. Savings accounts limit the number of withdrawals that can be made each month. Savings accounts don't usually require a minimum balance to avoid paying a fee. Savings accounts are best used to store money for longer-term goals.

Savings accounts don't usually require a minimum balance to avoid paying a fee

Which of the following statements about savings accounts is FALSE? - Savings accounts don't usually pay interest on the money you deposit. - Savings accounts limit the number of withdrawals that can be made each month. - Savings accounts may require you to maintain a minimum balance to avoid paying a fee. - Savings accounts are best used to store money for longer-term goals.

Savings accounts don't usually pay interest on the money you deposit.

Which statement is true? Options: If there is a mistake on one of your bank accounts, there is nothing you can do about it. If there is a mistake on one of your bank accounts, you should wait 30 days as these issues tend to resolve themselves. If there is a mistake on your bank account, you should contact your financial institution immediately. none of the above

If there is a mistake on your bank account, you should contact your financial institution immediately.

Which statement about investing is true? Options: On average, putting money in a savings account earns a higher return that investing money in the stock market. Investing is riskier than putting money in a savings account. Investing is best for short-term financial goals. Investing is a guaranteed way to make money.

Investing is riskier than putting money in a savings account.

Investing is best for long-term financial goals, like paying for retirement.

long-term financial goals, like paying for retirement

Which of the following statements about investing is FALSE? Investing is a guaranteed way to grow your money. Investing is riskier than putting your money in a savings account. Investing is best for long-term financial goals, like paying for retirement. On average, investing money in the stock market earns a higher return than putting money in a savings account.

Investing is a guaranteed way to grow your money.

a share of ownership in a company

Which of the following is true? Checks and Debit Cards both withdraw money directly from a bank account, Checks are the most widely accepted form of payment, Debit Cards often have a higher interest rate, Debit Cards offer the highest level of fraud protection

Checks and Debit Cards both withdraw money directly from a bank account

Which of the following is not true about credit cards: They offer the highest level of fraud protection, They are the best payment type to use when trying to stick to a budget, You can be charged a fee if you are late making a monthly payment, Some offer rewards, like cash back or airline miles

They are the best payment type to use when trying to stick to a budget

which of the following statements comparing debit cards to credit cards is true: Debit Cards allow you to draw funds directly from your checking account, Debit Cards typically offer greater fraud protection, Debit cards never require a signature, Debit cards have higher interest rates

Debit Cards allow you to draw funds directly from your checking account

Which of the following will happen if you miss a monthly credit card payment: You will be charged a late fee, You will lose reward points, Your APR will increase next month, Both A & B

You will be charged a late fee.

What is a credit limit?

The maximum amount you can charge each billing cycle.

The annual percentage rate on a credit card determines

the amount of interest you are charged

Making a credit card minimum payment

Means you are paying a small portion of your total credit card debt

Which of the following is true of both paying with a check and paying with debit card: Both are accepted by most people and most businesses, A personal identification number must be anytime checks or debit cards are used, When used, both take money directly out of a bank account, Both work like a loan from your bank

When used, both take money directly out of a bank account

What is a credit card balance?

The amount of money you still owe to the credit card company.

Interest can be: a charge for lending money to the bank, the amount owed for borrowing from the bank, the amount added into your savings account when opening a bank account, a charge for the convenience of accessing money stored in your bank account

the amount owed for borrowing from the bank

Which of the following statements comparing debit cards to credit cards is true? Debit cards allow you to draw funds directly from your checking account, Debits cards typically offer greater fraud protections, Debit cards never require a signature to finalize a purchase, Debit cards charge a high rate of interest

Debit cards allow you to draw funds directly from your checking account

Which piece of information is most useful to an identity thief? Your full name and address, Your full name and date of birth, Your full name and social security number, Your full name and student ID number

Your full name and social security number

Three major credit bureaus in the United States, which tracks credit histories, creates credit reports, and calculates credit scores.

Equifax, Experian, & TransUnion

Everfi Financial Literacy Review Flashcards

Student preview

75 questions

Show all answers

1.

FLASHCARD QUESTION

Front

Which of the following statements about check cashing companies is TRUE?
- They have limited operating hours during the day.
- They sometimes offer free services.
- They charge high fees.
- They delay when you can access your cash.

Back

They charge high fees.

2.

FLASHCARD QUESTION

Front

Which of the following financial institutions typically have the highest fees?
check cashing and payday loan companies,
credit unions,
brick-and-mortar banks,
internet banks

Back

check cashing and payday loan companies

3.

FLASHCARD QUESTION

Front

Which of the following statements about check cashing companies is FALSE?
- They offer bad deals where you will owe a lot more than you borrowed.
- They charge low fees.
- They can take a percentage of your check on top of fees.
- They make it easy to fall into a loan cycle that is hard to get out of.

Back

They charge low fees.

4.

FLASHCARD QUESTION

Front

Which type of bank account typically offers the least, if any, interest? Options: checking account, savings account, money market account, certificate of deposit (CD)

Back

checking account

5.

FLASHCARD QUESTION

Front

Savings accounts typically offer more interest than what type of account?

Back

checking account

6.

FLASHCARD QUESTION

Front

Which type of bank account is best for everyday transactions?

Back

checking account

7.

FLASHCARD QUESTION

Front

A savings account that compounds interest daily will earn a higher return than a savings account that pays simple interest daily.

Back

True

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